Abstract
Had no oil crisis occurred, a talk such as this would have been easy to plan. I would have begun by running over the series of events which ultimately led to the virtual end of the Bretton Woods system in March 1973, when shortly after the 10% devaluation of the American dollar there was a general change-over to a system of floating exchange rates, albeit with a European island of fixed parities known as the snake arrangement. The end of the old international monetary system may perhaps even be dated back to the suspension of the convertibility of the dollar by President Nixon on 15 August 1971. But in any case, between 15 August 1971 and March 1973 it was still possible to hope that a new system could be built up on that part of the old system which had remained intact and which was based on fixed parities between a number of important currencies, even though the feature of convertibility that is vital to this system in the long run, might initially have been lacking.
Keywords
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
Editor information
Rights and permissions
Copyright information
© 1985 Martinus Nijhoff Publishers, Dordrecht
About this chapter
Cite this chapter
Goedhart, C., Kessler, G.A., Kymmell, J., De Roos, F. (1985). Reflections on international economic and monetary problems. In: Goedhart, C., Kessler, G.A., Kymmell, J., De Roos, F. (eds) Jelle Zijlstra, a Central Banker’s View. Financial and Monetary Policy Studies, vol 10. Springer, Dordrecht. https://doi.org/10.1007/978-94-009-5129-7_8
Download citation
DOI: https://doi.org/10.1007/978-94-009-5129-7_8
Publisher Name: Springer, Dordrecht
Print ISBN: 978-94-010-8768-1
Online ISBN: 978-94-009-5129-7
eBook Packages: Springer Book Archive